Per a report from Nikkei Asia, employee retrenchment has been aggravated in some companies due to the Russia-Ukraine conflict. Recently, around 40% of employees in the joint venture of Alibaba Group Holding Limited (NYSE: BABA) in Russia have been laid off on the back of negative impact from cross-border business due to the ongoing war.  Shares of the Chinese ecommerce giant rose 8.51% on Friday at the close.  Layoff Details  Alibaba owns a 48% stake in the joint venture named AliExpress Russia, which employed 1,000 employees before March. The commercial segment has been hit hard by the recent round of layoffs.
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